Vocabulary
Setting aside money to use later is called
saving
What is Economics?
The study of how people make decisions with limited resources
What is income Inequality
Uneven amount of wealth in a population
Why do consumers have rights?
To protect us
The right to get items corrected or money back
What are banks always checking?
Credit
Choosing one thing over another
Trade off
What is a Market Economy
USA
People and businesses are guided by personal beliefs
Name two causes of income inequality
Family Wealth
Discrimination
Education
What is impulse buying?
Buying things that you do not need to make yourself feel better.
What is the worlds largest social media platform
Amount of a good or service that people are willing to buy at different prices
True or False
When a price goes up, people will buy more
False
1. Amount of a good or service
2. People are willing to buy
3. and are able to buy
4. at different prices
What is a deficit
Negative balance
8
How much of product sellers are willing to sell at different prices
Supply
When a price goes up, consumers will buy less of it
true
What is it when the supply and demand are equal
Equilibrium
What is a surplus
having money left over
What animal can sleep for up to three years?
Snail
the cost of the next best use of your time or money when you make choices
Opportunity Cost
What is scarcity?
wants are unlimited, resources are limited, forcing countries to make a choice
Explain what is a negative impact of income inequality
Stuck in poverty
My monthly income is 1700, I spent 1750, DO I have a surplus or a deficit?
Why?
Deficit, I spent more money then I have
What is the name of Mickey Mouses dog
Pluto